seyilabi:
No matter what foreign financial institution says about us, am sure Nigeria will be great again.

FxDuke:

which brief years of suffering? is it elites or poor citizens you're reffering to? I dey laff! our leaders have failed to give us quality leadership! instead of simply fixing what needs fixing, they rather go on ego trips...it is not rocket science to turn around the economy! God has given us all the resources needed...people must have to start using their brain the right before any positive change will be seen. until then...
cheers

seyilabi:
No matter what foreign financial institution says about us, am sure Nigeria will be great again.

Itulah:
Pop quiz: Which oil rich economy hammered by the global slump in crude is in the throes of a full-fledged economic crisis — complete with rationing, civil strife and runaway inflation stoked by a weak currency?

If you guessed Venezuela, you'd be wrong. Although the South American country teeters on the edge of collapse and fits the above scenario, those same circumstances actually apply to Nigeria. Once a powerhouse of West Africa's economy, the effects of slumping oil prices have converged with mounting security concerns and widespread energy shortages.

The OPEC country, which produces more than 2 million barrels of oil per day, is resorting to rationing crude: In order to fill their tanks, citizens must endure long lines overseen by authorities.

Nigeria "is caught in a macro hurricane," famed short seller James Chanos told the annual Sohn Investment Conference last week. With currency reserves running low, the country could have "a big problem" within a few years, he said. Calling the country "a borderline failed state," Chanos added that he was shorting South African assets, in part because of their exposure to Nigeria.

In the year that Nigerians elected a new president, oil prices collapsed by at least 30 percent. This week, Nigeria's stock market staged a relief rally after the closely watched MSCI Frontier Markets Index decided to keep the country in the benchmark, after warning last month that Nigeria was at risk of being booted from the index.

Still, the outlook for Africa's largest economy remains grim. The extremist group Boko Haram has created significant political and security challenges for the embattled government of Muhammadu Buhari, and raise risks that could hit oil production.

"Nigeria is in trouble," Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview. Amid double-digit inflation, Nigeria's foreign reserves are dwindling as the government races to shore up a swooning currency, the naira.

Using a purchasing power parity metric, Hanke estimates that the country's prices are surging by a whopping 46 percent, far above the official rate of between 11 and 13 percent.

Weak growth — Nigeria's economy expanded by less than 3 percent last year — has done little to curb soaring food prices, which have risen every month since December 2015.

Meanwhile, oil prices remain firmly under $50 per barrel, heightening the risk of what consulting firm PricewaterhouseCoopers noted in a 2015 report could become a "security shock," as weak growth feeds political instability. Currently, the country's 2016 budget assumes an oil price of $38 per barrel.

Razia Khan, chief economist for Africa at Standard Chartered, expects crude will rise later in the year, but growth is likely to remain muted. Khan noted that the International Monetary Fund "expects growth to decline even further in 2016, to 2.3 percent."

Oil gives Nigeria around 95 percent of its foreign earnings. Should crude remain at current levels, PwC expects growth to contract and oil revenues to dwindle to $20 billion. Meanwhile, the currency has already overshot PwC's worst-case forecast for this year, blowing past 320 to the U.S. dollar recently.

"The currency is junk and the government is incompetent and corrupt," said Johns Hopkins' Hanke. "The only sure-fire way to solve all these problems is for Nigeria to officially replace its junk currency."

Nigeria still has limited access to capital markets, and a $6 billion currency swap agreement with China may help contain the naira's losses. Yet with oil still hovering near historic lows, analysts are skeptical Nigeria will see a turnaround anytime soon.

"Following a tumultuous year for the naira in 2015 we believe the any recovery in the currency will have to be supported by a marked improvement in the crude oil price," Standard Chartered's Khan said, adding that oil would need to rise to near $55 to offset the effects of an "oversupplied market."

— CNBC's Dawn Giel contributed to this article.

http://www.cnbc.com/2016/05/06/nigeria-goes-from-powerhouse-to-pariah-as-hurricane-hits-economy.html

Marlbron:



What kind of stupid news from yellow journalist is this? Is it by force to devalue the naira? Even as it is the naira has been devalued from 150 to 199. What has happened? What has devaluation done for Nigeria other than to increase inflation? Once you devalue, fuel cost and everything goes up!

We have a two tier forex system. That system has limited inflation so far. It will be worse if we devalue further.


The only thing I oppose is allowing Dangote to buy forex for his refinery and factories abroad at government rates. Large investments like refinery should be net forex inflows not drains on our pockets. Why should Nigeria cough out scarce forex for one man to build his factories in different parts of Africa? Are we all working for Dangote?

Ooni:
That is their business

all i know is that ondo produces 1.2 billion barrels of oil per minute

lagos offshore will produce 3 billion barrels of gas every second

ogun has unlimited deposit of uranuim

some people think ekiti produce only banana but ekiti has more gold than south africa and UAE put together

to hell with Niger delta oil. We can stay alone whether the economy is good or bad. I want my fellow sw youths to support me in my clamour for a south west that is not dependent on niger delta oil. I want us to shame the flaatheads

allthingsgood:


Well yes, its true that the President "agreed" to take loan from world bank. Its also true that the President signed a powerful agreement with China that will limit the use of dollars in trade. So u can see why the west will not be happy with this. its really common sense. Nigeria's focus is shifting away from America's greek gift.

Ask yourself why the sudden interest in what happens to Nigeria. what is the reason for this write up?? Since all these years of our real challenges, the west[b] never even knew where Nigeria is on the map[/b]. Now that we are no longer solely dependent on them, they have started with their cock and bull stories. the sole purpose of this ridiculous write up is to discourage investors from Nigeria, its not because they like u!

yongnoble:
It seems the wailing has gone international

Zombies, Oya over to you. Come and defend the indefensible

Abagworo:


The article indicted Jonathan not Buhari. Where do you sell properties? Actually Owerri is booming right now and relocating to that city could help your business.

Category1:
[size=13pt]God will punish b*hari ...I woke this morning to look for fuel, I couldn't find any filling station selling ,I just wasted my money.
Everything in the market are so f*cking expensive, not even that they added little money in it, its high high money. Something selling for 50naira before is now 150naira, what rubbish is that?....and the useless old man can't even tell us what's on ground...his dirty mouth have been shut months now[/size]

fumisexy:
with time we will surprise other countries

allthingsgood:
All this attack started the instant we signed agreement with China. The west is scared to their bones to what this deal can achieve. All of a sudden Nigeria is no longer desperate for there slavish loans!

735i:


Oga, what useless deal did you reach with China? You better wake up... You're in a sinking ship and all you can notice is colour of another man's boat?

fumisexy:
with time we will surprise other countries

allCopacetic:
After hearing CNN mention on two different occasions that Nigeria was one of the countries where the penalty for homosexuality is Death (without reservations)... I stopped believing the shyt from the Western media.
many of these junkie journalists can't even locate Nigeria on a map, but they'll sit in airconditioned offices [b]10 billion miles across the Atlantic [/b]and attempt to tell you the history of Nigeria better than your ancestors.
They just wana sell bad news and paint any African country as horrible as they can. It's mostly hogwash don't believe every crap you hear or read.
Pop quiz my a$$

allCopacetic:
After hearing CNN mention on two different occasions that Nigeria was one of the countries where the penalty for homosexuality is Death (without reservations)... I stopped believing the shyt from the Western media.
many of these junkie journalists can't even locate Nigeria on a map, but they'll sit in airconditioned offices [b]10 billion miles across the Atlantic [/b]and attempt to tell you the history of Nigeria better than your ancestors.
They just wana sell bad news and paint any African country as horrible as they can. It's mostly hogwash don't believe every crap you hear or read.
Pop quiz my a$$

bb6xt:


By the time you travel 10 billion miles not only will you be across the Atlantic but you would have left the Milky Way galaxy!

phayvoursky:
NOW U SEE...

WHERE ARE D GUYS DT VOTED FOR CHANGE?


A POWERHOUSE IS NOW A HOUSE ON FIRE.

allthingsgood:


Shut up!

aceblizzle:
was Nigeria ever great?

allCopacetic:
There's a certain thing called a figure of speech, if you assume a literal interpretation...I can't help you

Orikinla:
The solution to falling price of oil is simple and can be done and the price will double within 20 days.

Ooni:
That is their business

all i know is that ondo produces 1.2 billion barrels of oil per minute

lagos offshore will produce 3 billion barrels of gas every second

ogun has unlimited deposit of uranuim

some people think ekiti produce only banana but ekiti has more gold than south africa and UAE put together

to hell with Niger delta oil. We can stay alone whether the economy is good or bad. I want my fellow sw youths to support me in my clamour for a south west that is not dependent on niger delta oil. I want us to shame the flaatheads